Jan. 12, 2007 (China Knowledge) – CITIC Bank, China’s seventh-largest commercial bank may follow the Industrial and Commercial Bank of China (ICBC) in simultaneously listing in both Hong Kong and Shanghai.

CITIC Bank had initially planned to list in Hong Kong first before Shanghai, but the bank seems ready to launch a simultaneously dual-listing in both markets. It has confirmed that the underwriting group will include Citigroup, HSBC, Lehman Brothers, China International Capital Corp. and CITIC Securities Co.

The lender is also supposedly aiming at raising US$2.8 billion from the IPOs.

As of the third quarter of 2006, CITIC Bank had RMB 689.5 billion of total assets with a non-performing loan ratio of 2.79% and a capital adequacy ratio of 9.18%.

On Dec. 31 last year, CITIC Bank was granted a new business license by the State Administration for Industry and Commerce and became a joint-stock commercial bank. Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), is a strategic investor in the Chinese bank with a 5% ownership.

Meanwhile, Beijing Bank is reportedly also planning to launch a simultaneous dual-listing in Hong Kong and Shanghai in 2007.